Table 83 – EPRA performance measures
|31 March 2011||31 March 2010|
|Definition for EPRA measure||Notes||Land
|Adjusted earnings||Recurring earnings from core operational activity||12||£278.0m||£255.4m1||£257.8m||£262.7m1|
|Adjusted earnings per share||Adjusted diluted earnings per weighted number of ordinary shares||12||36.31p||33.36p1||34.08p||34.73p1|
|Adjusted net assets||Net asset value adjusted to exclude fair value movements on interest rate swaps||13||£6,366.7m||£6,834.2m2||£5,241.2m||£5,727.2m2|
|Adjusted net assets per share||Adjusted diluted net assets per share||13||826p||887p2||691p||755p2|
|Triple net assets||Adjusted net assets amended to include the fair value of financial instruments
|Triple net assets per share||Diluted triple net assets per share||13||812p||812p||687p||687p|
|Net Initial Yield (NIY)||Annualised rental income less non-recoverable costs as a % of market value plus
assumed purchasers' costs3
|Topped-up NIY||NIY adjusted for rent free periods3||5.8%||5.8%||6.3%||6.3%|
|Voids/Vacancy Rate||ERV of vacant space as a % of ERV of combined portfolio4||5.2%||5.2%||6.0%||6.0%|
- EPRA adjusted earnings and EPRA adjusted earnings per share include the effect of debt restructuring charges (net of taxation) of £22.0m (2010: £3.6m), the effect of bond exchange de-recognition charges of £18.5m (2010: £13.8m), the effect of non-recurring revenue items of £2.3m (2010: £nil) and non-revenue tax adjustments of £16.8m (2010 : £23.1m) but exclude the profit on the sale of trading properties of £1.2m (2010: £0.8m).
- EPRA adjusted net assets and adjusted diluted net assets per share include the effect of bond exchange de-recognition of £467.5m (2010: £486.0m).
- Our NIY and Topped-up NIY are calculated by our external valuers and are consistent with EPRA NIY and Topped-up NIY. Further analysis on NIY is given in the Combined Portfolio Analysis.
- Based on our combined portfolio excluding the development programme. Further analysis is given in the Combined Portfolio Analysis.
Table 84 – Reconciliation of net book value of the investment properties to the market value
|31 March 2011||31 March 2010|
|Net book value||8,889.0||1,328.0||10,217.0||8,044.3||1,227.1||9,271.4|
|Plus: amount included in prepayments in respect of lease incentives||194.2||36.1||230.3||171.9||24.5||196.4|
|Less: head leases capitalised||(28.4)||(4.6)||(33.0)||(52.6)||(4.9)||(57.5)|
|Plus: properties treated as finance leases||136.1||8.5||144.6||121.8||8.3||130.1|
Table 85 – Top 10 property holdings
|Total value £3.9bn
(37% of combined portfolio)
lease terms (yrs)
|Cardinal Place, SW1||Microsoft||100||Retail||7,700||37.5||97||7.0|
|New Street Square, EC4||Deloitte||100||Retail||1,800||31.8||100||12.3|
|One New Change, EC4||K&L Gates||100||Retail||20,600||2.4||81||12.8|
|Queen Anne’s Gate, SW1||Government||100||Office||32,800||27.3||100||15.5|
|White Rose Centre, Leeds||Sainsbury’s||100||Retail||65,000||21.0||98||8.1|
|Gunwharf Quays, Portsmouth||Vue Cinema||100||Retail||31,300||19.2||99||7.3|
|Cabot Circus, Bristol||House of Fraser||50||Retail||114,200||19.4||97||10.4|
|Bankside 2&3, SE1||Royal Bank of Scotland||100||Retail||3,500||16.1||100||16.2|
|Piccadilly Circus, W1||Boots||100||Retail||5,200||12.2||95||3.7|
|St David’s Dewi Sant, Cardiff||John Lewis||50||Retail||130,100||14.8||84||9.0|
- Group share.
Table 86 – Average rents at 31 March 2011
|Shopping centres and shops||n/a||n/a|
|Retail warehouses and food stores||212||206|
|London office portfolio||396||384|
Average rent and estimated rental value have not been provided where it is considered that the figures would be potentially misleading (i.e. where there is a combination of analysis on rents on an overall and Zone A basis in the retail sector or where there is a combination of uses, or small sample sizes). This is not a like-for-like analysis with the previous year. Excludes properties in the development programme and voids.
Table 87 – Like-for-like reversionary potential
|Reversionary potential||31 March
% of rent
% of rent
|Net reversionary potential||1.0||(3.2)|
The reversion is calculated with reference to the gross secure rent roll after the expiry of rent free periods on those properties which fall under the like-for-like definition as set out in the notes to the combined portfolio analysis. Reversionary potential excludes additional income from the letting of voids. Of the over-rented income, £16.6m is subject to a lease expiry or break clause in the next five years.
Table 88 – One year performance relative to IPD
Ungeared total returns – year to 31 March 2011
|Retail – Shopping centres||14.7||12.9|
|Retail – Retail warehouses||16.91||11.3|
|Central London retail||32.3||20.0|
|Central London offices||16.02||18.1|
- IPD Quarterly Universe
- 1. Including supermarkets.
- 2. Including inner London offices.